Tata Steel recorded a minor up-tick in the weekly chart, thanks to the strong surge on Monday. But the short-term term trend deciding level of Rs 202 has not been crossed yet.
Traders ought to stay watchful over their long positions as long as the stock remains below this level. Subsequent resistances are at Rs 212 and then Rs 225. Supports for the week are at Rs 180 and then Rs 165.The medium-term trend in Tata Steel remains sideways.
However, the formation of higher peaks and troughs since January 23 augurs well for the stock. Investors can make staggered purchases every time the stock nears Rs 150.
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